Banking Awareness 24th January 2017 | Financial Affairs 24th January 2017.

1. I-T data analysed: 1 taxpayer owes 11% of India’s individual income tax

 

There were 64 taxpayers with a tax liability of over Rs 500 crore in 2014-15

An unnamed taxpayer owed the government Rs 21,870 crore for the assessment year 2014-15, which was 11% of income tax to be paid by all Indians, according to 2016 data, the latest available, from the Income Tax department.

Data:

• The richest 1% Indians own 58% of India’s wealth.
• 57 billionaires have the same wealth as the bottom 70% of India.

  2. Solar subsidies likely to end, sops for manufacturing on anvil

  

  Government is moving fast to give direct subsidies to solar panel manufacturing
  

The Union government’s plan to subsidise solar power panel manufacturing may come at the expense of solar power generation. The Centre is planning to do away with the subsidy schemes for the solar power sector — from rooftop to central financing assistance in several projects.

Piyush Goyal

Minister of State with Independent Charge for Power, Coal, New and Renewable Energy and Mines.

3. Ola, Uber cabs go off Bengaluru roads

Drivers protest against fare cuts, demand better returns.

Many drivers attached to India’s two largest cab aggregators Uber and Ola went off the roads to protest falling earnings as the two companies dropped fares to compete for customers that led to reduced incentives.

OLA

Bhavish Aggarwal CEO Ola.

4. Budget 2017: EC bars govt from announcing schemes for poll-bound states

Polls will be held between February 4 and March 8.

The Election Commission tonight gave its nod to the Centre to present the Union Budget on February 1 ahead of the Assembly polls, but said no schemes related to these poll-bound states can be announced and the Finance Minister’s speech should not refer to the government’s achievements in these states.

Election in following states.

UP, Uttarakhand, Manipur, Punjab and Goa.

5. Mallya loan default case: Former IDBI Bank chairman among 8 arrested

The arrests might adversely affect the risk-taking ability of bankers

The Central Bureau of Investigation (CBI) arrested a former chairman and three former officials of IDBI Bank, along with four former executives of Kingfisher Airlines, in connection with a Vijay Mallya loan default case.

Arrested official of kingfisher

CFO of Kingfisher, the other three executives arrested were Shailesh Borke, A C Shah and Amit Nadkarni.

6. Coca-Cola India loses fizz as consumers go on health trip.

Coca-Cola India’s net profit down 6% to Rs 473.8 cr in 2015-16.

Subdued demand in peak summer months, besides an exceptional charge, has shown up in the numbers of Hindustan Coca-Cola Beverages (HCCB) — the largest bottling partner of Coca-Cola.

The Coca-Cola Company

which is headquartered in Atlanta, Georgia, is an American multinational beverage corporation.

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